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Donegal Investment Group revenues dip

Thursday, August 28 12:12:01

Donegal Investment Group, formerly Donegal Creameries, today reported a fall in revenues for the first half of the year of 13pc to E39m but an increase in after tax profits.

Group turnover decreased by E5.98m mainly due, it said, to a reduction in animal feed prices achieved in its agri feeds business and the sale of surplus seed potato stock into a weak market.

Profit after tax for the period was E1.075m, an increase of E0.147m over the first half of 2013.

This was achieved despite accounting for the disposal of a significant surplus of seed potato from the 2013/2014 growing season which had to be sold into a very weak commodity table potato market, it said.

The statement says the board is satisfied with the first half performance, and is very pleased with the performance of the speciality dairy business, which is to be consolidated into a new brand - "Nomadic".

There were some exceptional legal costs, as well as costs associated with the merging of our Speciality Dairy Businesses and the launch of the company’s new “Nomadic” brand, which will be launched onto the market in the final quarter of this year .

Net debt decreased by E2.8m from the end of last year, partly due to the sale of 245 acres of land on the Grianan Estate. Adjusted Earnings Per Share increased by 1.9c to 10.3c, and the interim dividend of 7.0 cents is being maintained.

"The key determinant of performance in the second half and for the year overall will be the result from the Produce Division. The Board currently expects full year adjusted earnings per share to be around 53 cents per share (2013 50.4 cent per share)," the statement said.

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